Sunday, May 26, 2024

Waiting for the Fed…

Looks like the markets are waiting for the FOMC meeting tomorrow before making any big moves. I still am short and looking for a nice down move until this Friday. Most FOMC meetings in the past have caused the market to rally. I believe it will be different this time around.

bernanke

However, after the quick sell off, I'm still looking for the market to rally to the 1100 range next week. The 104 and 102 spy targets are good support and one of those area's should be a short term bottom this Friday.

The dollar sold off hard today, which should have caused the market to rally 100-150 points on the Dow. Yet it only managed about 50 points. They may be "de-coupling" from each other. At some point the market will wake up and realize that a falling dollar isn't good for the market anymore.

DisapprovingMan2

Also, volume was extremely low again today. That should pick up tomorrow, and Thursday and Friday. If 107 spy breaks to the upside, I'll cut my losses and go long to 110... the final top I believe.

Red
Author: Red

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Cobra
14 years ago

Nice picture! LOL

Cobra
14 years ago

Nice picture! LOL

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